Chapter 4
| Section 401 | |
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| 401.01 | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must make DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… by the Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. to ensure timely purchase of the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. by Fannie Mae. On or before the Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit:
- the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. data, other than the “eRents” data, through C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. as required by this Part IV A, Chapter 4: Delivery Procedures – Data and the C&D User Manual; and
- the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. as required by Part IV A, Chapter 5: Delivery Procedures – Documents.
The “eRents” data must be submitted to Fannie Mae by the earlier of:
- 5 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… after the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. ; or
- the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. .
“Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. ” means:
- for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , 7 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. ; and
- for Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. , 3 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the earlier of the Settlement DateSettlement DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. and the Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires. .
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must follow all instructions on the C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. screens, including inputting the information required by C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. and the C&D User Manual. For MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , the information in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. is used to create disclosure documents and data for the MBSMBSMortgage-Backed Security prior to its issuance.
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must follow the validation process required by C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. in order to insure the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. reaches the “submitted” status in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. . If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. believes that C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. is preventing the delivery of valid data, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must e-mail Multifamily AcquisitionsMultifamily AcquisitionsTeam that can be contacted at [email protected] . After the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. is “submitted” the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. data change request for any further changes. (See the C&D User Manual for details on “Change Requests.”)
| 401.03 | |
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For a Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. funded under an ASAP OptionASAP OptionASAP Sale and ASAP Plus (including ASAP Plus POC) purchase options per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 306. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. data in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. as required by this Chapter, except as otherwise provided in the applicable ASAP ContractASAP ContractASAP Sale Contract, the ASAP Plus Contract, and the ASAP Plus POC Contract. . The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must select the ASAP PlusASAP PlusPurchase option where an eligible Lender can deliver individual Mortgage Loans to Fannie Mae on an accelerated basis using a 2-stage delivery structure before they are redelivered to Fannie Mae for purchase pursuant to the applicable ASAP Contract. , ASAP Plus POCASAP Plus POCPurchase option where an eligible Lender can deliver individual Mortgage Loans to Fannie Mae on an accelerated basis using a 2-stage delivery structure and the issuance of a Payment Obligation Confirmation (as defined in the ASAP Plus POC Contract) before they are re-delivered to Fannie Mae for…, or the ASAP SaleASAP SalePurchase option where an eligible Lender can deliver a Mortgage Loan to Fannie Mae and receive a cash payment for it, where the MBS from the Delivered Mortgage Loan is used to satisfy a trade with an MBS Investor. indicator in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. , as appropriate.
A Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. will be considered acceptable for purchase by Fannie Mae if:
- the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. complies with the terms of the Lender ContractLender ContractProgram Documents per the Mortgage Selling and Servicing Agreement. ;
- the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. is in the Pricing and Underwriting TierPricing and Underwriting TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). required under the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. ;
- for a Pre-Review Mortgage LoanPre-Review Mortgage LoanMortgage Loan that is not delegated to the Lender and requires Fannie Mae’s approval before Rate Lock. , the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. complies with the requirements for Pre-ReviewPre-ReviewRequirement that the Lender obtain Fannie Mae’s approval before Rate Lock of a Mortgage Loan. Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. as set forth in Part I, Chapter 2: Mortgage Loan and the Pricing MemoPricing MemoApplicable DUS Pricing Memo or non-DUS Pricing Memo communicating pricing for various products and features to Lenders. ;
- the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. is current in payment at the time of DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and…;
- for all MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan.
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- the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. is prior to the first scheduled monthly payment date of the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. ; and
- the first monthly payment to the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. is the first monthly payment due under the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. ; and
- the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. is within the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. , where “Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. ” means an amount equal to the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. plus or minus (i) 5 percentage points of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. (e.g., the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. must be at least 95% and not more than 105% of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. to be within the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. ), or (ii) such lesser percentage needed to meet any Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. delivery requirement (e.g., if a Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. permits only a plus or minus 3 percentage points delivery tolerance, then the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. will be considered for purchase with a Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. of at least 97% and not more than 103% of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. ).
If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. anticipates a delivery problem (such as a late DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… or a Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. outside of the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. ), as soon as possible the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must inform:
- the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. or the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. , as applicable;
- Multifamily AcquisitionsMultifamily AcquisitionsTeam that can be contacted at [email protected] ;
- the Fannie Mae RepresentativeFannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). ; and
- if an ASAPASAPVarious purchase options permitting eligible Lenders to sell Mortgage Loans to Fannie Mae on an expedited basis pursuant to the applicable ASAP Contracts. transaction, the Capital Markets Early Funding DeskCapital Markets Early Funding DeskTeam that can be contacted for ASAP funding at (866) 944-3863 or [email protected] .
If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. fails to meet the Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. , Fannie Mae may report the error against the LendersLendersPerson approved by Fannie Mae to sell or service Mortgage Loans. ’ clean DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… rate and change the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. . If the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. for an MBSMBSMortgage-Backed Security must be changed, Fannie Mae will advise the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. of the earliest available new Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. . The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must contact the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. and establish the new Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. and, if applicable, a new Settlement DateSettlement DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. and Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires. . The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a change request pursuant to the provisions of Part IV A, Chapter 3: Committing, Section 305: Commitment Terms and Procedures for any required changes to the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. . The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. is also responsible for any fees and adjustments to the Pass-Through RatePass-Through RateGross Note Rate of the underlying Mortgage Loan, less the Guaranty Fee, less the Servicing Fee. associated with the new Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. .
If there is a Bankruptcy EventBankruptcy EventWhen a Person: becomes subject to bankruptcy, insolvency or similar federal or state proceedings; acknowledges in writing (other than the Borrower to the Lender for a Mortgage Loan workout) that it is unable to pay its debts generally as they mature; makes a general assignment for the… affecting the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. or the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. admits that it is unable, or does not intend, to perform any obligation with respect to the Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. , the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. , the Third Party MBS Trading AgreementThird Party MBS Trading AgreementArrangement between the Lender and a Third Party MBS Investor to trade MBS per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 302. (if applicable), or its Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. trading account (if applicable), in which case the Settlement DateSettlement DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. and Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires. shall be deemed to have occurred and Fannie Mae may draft an amount equal to the Minimum Good Faith DepositMinimum Good Faith DepositAmount you are required to collect when originating a Mortgage Loan per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. .
| 401.06 | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must accurately complete the wiring instructions in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. , including all requested information on the account and financial institution to which Fannie Mae should wire the funds or the MBSMBSMortgage-Backed Security . Fannie Mae will wire the funds or MBSMBSMortgage-Backed Security pursuant to the C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. instructions unless there is a conflict between the C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. instructions and any bailee letter from the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s warehouse lender. In the event of a conflict, the bailee letter will control.
At the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s request, Fannie Mae will assign up to 10 different payee codes to be used for wire transfers of the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s proceeds from Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. . The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must request a separate payee code for each account to which funds will be sent. Each payee code will be associated with a specific LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. account at a specific financial institution and may not be transferred between the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s accounts or between LendersLendersPerson approved by Fannie Mae to sell or service Mortgage Loans. . For each Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must load into C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. the payee code associated with the institution and account to which LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s funds are to be wired.
Additional information on payee codes can be found in Seller’s Designation of Wire Transfer Instructions (Form 482) and Certificate of Authority, Incumbancy, and Specimen Signatures (Form 360).
| Section 402 | |
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| 402.01 | |
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The Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. selected by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. dictates whether the delivery option is Same Month PoolingSame Month PoolingDelivery option permitting Mortgage Loans to be pooled, and an MBS backed by the pool to be issued, in the same month as the Mortgage Loan Origination Date. or standard delivery. For Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. that are intended to be funded under one of the ASAP OptionsASAP OptionsASAP Sale and ASAP Plus (including ASAP Plus POC) purchase options per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 306. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must refer to the applicable ASAP ContractASAP ContractASAP Sale Contract, the ASAP Plus Contract, and the ASAP Plus POC Contract. for any ASAPASAPVarious purchase options permitting eligible Lenders to sell Mortgage Loans to Fannie Mae on an expedited basis pursuant to the applicable ASAP Contracts. -specific delivery requirements.
See Part IV A, Chapter 6: Purchase Procedures, Section 603: MBS Funding and Delivery Methods for additional information on the delivery and settlement of MBSMBSMortgage-Backed Security transactions.
| 402.01A | |
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If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. selects a Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. that is in the same month as the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. , then Same Month PoolingSame Month PoolingDelivery option permitting Mortgage Loans to be pooled, and an MBS backed by the pool to be issued, in the same month as the Mortgage Loan Origination Date. is required. Specifically, Same Month PoolingSame Month PoolingDelivery option permitting Mortgage Loans to be pooled, and an MBS backed by the pool to be issued, in the same month as the Mortgage Loan Origination Date. is required if:
- the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. occurs on the first day of a month and the first payment date under the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. occurs on the first day of the following month, in which case the MBSMBSMortgage-Backed Security Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. and the MBSMBSMortgage-Backed Security Issue DateIssue DateFirst day of the month of issuance of a Security. will both occur in the same month as the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. ; or
- the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. does not occur on the first day of a month but does occur in the same month as the MBSMBSMortgage-Backed Security Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. and the MBSMBSMortgage-Backed Security Issue DateIssue DateFirst day of the month of issuance of a Security. , and the first payment date under the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. occurs on the first day of the second month following the month in which the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. occurs.
For example:
- if a Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. has a Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. of November 1, the first payment date under the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. will be December 1, and if the MBSMBSMortgage-Backed Security Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. will be in November and the MBSMBSMortgage-Backed Security Issue DateIssue DateFirst day of the month of issuance of a Security. will be the first day of the month in which the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. occurs, or November 1; and
- if a Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. has a Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. of November 10, the first payment date under the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. will be January 1, and an MBSMBSMortgage-Backed Security with a Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. of November 20 would have an MBSMBSMortgage-Backed Security Issue DateIssue DateFirst day of the month of issuance of a Security. of November 1.
The Same Month PoolingSame Month PoolingDelivery option permitting Mortgage Loans to be pooled, and an MBS backed by the pool to be issued, in the same month as the Mortgage Loan Origination Date. option requires the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to originate the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. early enough in the month to allow Fannie Mae to issue the MBSMBSMortgage-Backed Security within the same month. As described in Part IV A, Chapter 5: Delivery Procedures – Documents and Part IV A, Chapter 6: Purchase Procedures, the Delivery Date must occur at least 7 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the scheduled Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. .
See Part V, Chapter 2: Reporting and Remitting for reporting and remitting requirements relating to the first reporting cycle under the Same Month PoolingSame Month PoolingDelivery option permitting Mortgage Loans to be pooled, and an MBS backed by the pool to be issued, in the same month as the Mortgage Loan Origination Date. delivery option.
| 402.01B | |
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If Same Month PoolingSame Month PoolingDelivery option permitting Mortgage Loans to be pooled, and an MBS backed by the pool to be issued, in the same month as the Mortgage Loan Origination Date. is not required, then the MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. must be delivered using the standard delivery option. Under the standard delivery option:
- the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. must occur no later than the month prior to the month in which the MBSMBSMortgage-Backed Security will be issued; and
- the MBSMBSMortgage-Backed Security must have a Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. in the month prior to the first payment date under the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. .
If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. determines that an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. has a special characteristic or an Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. item that was not identified when the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. was confirmed, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must notify Multifamily AcquisitionsMultifamily AcquisitionsTeam that can be contacted at [email protected] as soon as possible, but in no event later than 10:30 a.m. Eastern Time 7 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… before (but not including) the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. .
As a best practice for an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. when Fannie Mae is the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. should confirm the pre-settlement MBSMBSMortgage-Backed Security issuance details with the Capital Markets Trade ConfirmationsCapital Markets Trade ConfirmationsTeam that can be contacted for pre-settlement MBS issuance confirmations at [email protected] team no later than 3:00 p.m. Eastern Time 2 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… before (and not including) the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. .